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AREIT acquiring P19.5 billion mall assets from Ayala Land
AREIT, Inc. is set to expand its portfolio by acquiring Ayala Center Cebu and Ayala Malls Feliz from its sponsor, Ayala Land, through a property-for-share swap transaction.
The two commercial properties are valued at P19.5 billion and will be exchanged for 441,131,656 primary common shares of AREIT at P44.15 per share.
This acquisition is expected to increase AREIT's total assets under management to P158 billion.
Following the transaction, AREIT's total building gross leasable area will reach 4.7 billion square meters, with the new additions contributing 375,000 square meters.
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